Notes from Novogradac
The gap between operating expenses for low-income housing tax credit (LIHTC) properties that are acquired and rehabilitated and those that are newly constructed is the largest it’s ever been, according to the 2018 Novogradac Multifamily Rental Housing Operating Expense Report-Survey and Analysis of LIHTC Properties.
Late last month the Joint Committee on Taxation (JCT) released its Estimates of Federal Tax Expenditures for Fiscal Years 2017-2021. As in years past, the report highlights the comparatively low cost of the low-income housing tax credit (LIHTC), historic tax credit (HTC), renewable energy production tax credit (PTC), renewable energy investment tax credit (ITC), and new markets tax credit (NMTC) compared to other tax expenditures.
Until 2015, operating expenses for low-income housing tax credit (LIHTC) properties grew at a fairly consistent pace. And while there was growth in 2015, year-over-year change was much slower than in years past, increasing just 1.3 percent.
At the time of this writing, eight state low-income housing tax credit (LIHTC) allocating agencies have made statements or issued guidance about how they will implement the new set-aside option known as income averaging (IA). Other allocating agencies around the country likely will look to these examples.
The Senate Appropriations Transportation-HUD (THUD) Subcommittee approved its $71.4 billion fiscal year (FY) 2018 spending bill June 7.
The House Appropriations Transportation-HUD (THUD) Subcommittee approved its $71.8 billion fiscal year (FY) 2018 spending bill May 15, which is expected to be approved by the full House Appropriations Committee May 23.
Twenty-five years of affordable housing conferences have gathered thousands of development, investment and compliance professionals to discuss the opportunities and challenges they were facing at the time. Looking back at those challenges and opportunities, Michael Novogradac, CPA, shared some lessons and strategies gleaned from those years for attendees at Novogradac's 25th Annual Affordable Housing Conference yesterday in San Francisco.
The bond market for affordable multifamily housing in California took a step back in 2017.
A year after the California Debt Limit Allocation Committee (CDLAC), which is responsible for administering the state’s tax-exempt private activity bond program, issued $4.8 billion in 2016 to help fund rental housing developments, the amount dropped to $3.4 billion in 2017 – a 30 percent decrease. The result was 114 properties funded in 2017, a drop from 179 funded in 2016.
Released today, the White House’s proposed rescissions package calls for $15.4 billion in appropriated funds to be voided. Much of the proposed rescinded funding was approved in prior year spending bills, but some of the appropriations were approved in March as part of the fiscal year 2018 omnibus spending bill.
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